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He doesn't understand the concept of Discovery does he? This isn't even at that point yet and he's already fucking lost.
"They're woke"!
"He was laundering money. Of course we have the receipts, because we're a bank."
He's at the stage where he no longer needs to care about discovery. He has been public that he is above the law. He will use taxpayers' money to attack Capital One. There is no downside.
He’s gonna die in prison. I predict this.
Americans re-elected him despite his disastrous first term. There's no way he goes to prison. It requires 2/3 majority to convict in the Senate. Republicans won't allow it.
Even if it was possible, he'd flee to Russia.
He still has state charges from non-official acts.
IDK I think he's probably dying in the white house one way or another.
christ how stupid are these people. yes, please give capital one a reason to make a public record of their concerns of your very valid money laundering everyone already knows about.
they have deep pockets, and better lawyers.
I'm at the point where it's like, what does it matter? What would more evidence do? I don't even see this as a mistake anymore. If the Trumps get the case to the supreme court, they will enrich themselves further, and there's just no downside to losing, other than more evidence of crimes coming out. Why would they be worried about that though
im hoping this adds fuel to the potential revolt that may happen after trump dies his cowardly death.
one can dream
If anything, his death is going to mollify people. This is the height of public outrage, and nothing has happened yet. I don't foresee any kind of armed resistance until things get way worse materially, maybe 5-10 years.
Starving will be required for a real revolt. We won’t risk starvation until we’ve got no other choice.
A few more years of climate disasters and war shortages might get us there though. A few of us already are going hungry.
This is it. Even if it’s not quite starvation (the USA wastes 1/3 of its food output, we could lose 1/3 and still be okay with some rationing), massive supply shortages across the board will push people over the edge.
Ironic how capitalists criticize socialist governments for making people wait for basics, yet we may end up in exactly the same position while the Epstein class continues to operate like bandits and hoard all the wealth.
It took starving to get the French Revolution too. They even started eating horses before revolting.
...and the only punishment was closing the accounts?
What else is the bank supposed to do. I get what you're saying though. The slow-ass courts will probably never do anything about it
If you or I get a bank account shut down for money laundering concerns someone will be at the door the same day to tall to us face to face about it and we'd be facing around 10 years in prison.
If rich fucks in suits do it they seem to just close the account and move on
Report it to the FBI? Or IRS? Or any number of 3-letter agencies?
I'm sure Kash will get right to investigating this after releasing the Epstein files.
But yes, I get it. We'd be hearing about this for the next 2.5 years if this was Biden.
This is from 2021. There was no Kash. Regardless, what the gov does is not their responsibility. Their responsibility is to report it.
Oh okay. So this is just yet another Garland fumble.
They're too busy investigating the leader of Antifa for giving people things to read
Well they could prosecute him when his term ends but they'll never convict before he becomes president again in 2032.
It was 300 accounts. It's not clear, but sometimes AML closures means they take all the money.
That could have been millions or billions of dollars that Trump lost. That's quite significant..
Capital One gave notice of its plans to close more than 300 Trump-affiliated bank accounts
Jesus, 300? How do you even have more than one bank account with a single bank?
Each account is only FDIC insured at 250K. Rich people don’t have a single account worth millions.
Easy, every organization and every need is it's own bank account if you don't want accounting to be a nightmare
Like if you take money, it should go in accounts receivable. For expenses, accounts payable. And then you'll want something for the pile of money before it's transferred/sorted, maybe a few for money held aside for various reasons, maybe separate ones for payroll, services from vendors, and miscellaneous things like office supplies. Etc etc etc
The more money moving around the more seperating out the money flows makes sense. A dozen or two bank accounts for mid sized company is pretty reasonable. A big one might have a dozen per department
What is a bank account but a digital box to put numbers in anyways? It costs next to nothing per account, but clear delinitation of the money makes it a lot easier to make sure it's going to the right place instead of being pocketed
Or alternatively, lots of accounts could make it very difficult to make sense of. But that kind of deliberate obsfucation might trigger some kind of anti money laundering alerts
I think you're confusing an accounting tool, called double entry booking, for services offered by a bank. Every accounting software allows for tracking expenses and incomes in virtual 'accounts' that have little to do with the credit offered by banks. For example, 'dry cleaning' could be the name of an expense account, despite the dry cleaners not offering you an actual bank account.
Exactly. For example, I have a number of side hustles in addition to my work, and for other reasons, I have income, assets and expenses in two different countries. So I have over 100 virtual accounts in a multicurrency accounting package (for accounting geeks, that's my chart of accounts). But in each country, I have only 2 or 3 bank accounts. You don't need separate physical accounts, all you need is tagging. And my transaction volumes are low enough that I can spend an hour a week keeping my accounting package synchronized with the accounts. And I also use another instance of the same accounting package to do detailed financial forecasting a couple of years ahead, then correct forecast to actual as I go along.
It also makes doing taxes really simple.
I have 6 for personal use, which makes accounting so much easier. I assign a budget at the beginning of the month and at any time I have a good overview of how much I spent for that duration.
To illustrate, this is how I split my accounts:
I spend less than 15 minutes each month on accounting and the only downside is that I have to set up several budgets and carry a round several cards to pay with. Once a year I go through the accounts and adjust budgets if necessary.
Ah so this is what responsible organized budgeting looks like.
I have the all mighty checking account and savings account I never transfer anything into.
Crime
Not that unusual. Each business project would have its own account.
? I have always had at least two as an adult. How do you only have one?
My wife has her account with our credit union and our joint account (my personal is with a different credit union). If there were any small businesses each she ran would be with them too.
Capital One has never accused the Trump Organization of money laundering. But Friday’s filing argues that “documents and Plaintiffs’ own allegations make clear that Capital One closed Plaintiffs’ accounts for anti-money laundering (‘AML’) reasons
Yeah, that basically just means the risk exceeds their risk appetite. It's the same reason banks won't deal with legal pornography or gambling companies.
But sub-prime mortgages? Yes please
it's not a risk if the government bails you out. they played that risk very well
If a bank closes your bank account, does that mean they steal the funds? Or can you still withdrawal it for transfer to another bank?
They aren't allowed to just keep it of course. They will ask you where to transfer the funds